Insolvency Threatens Damen Mangalia Shipyard’s Future
The dispute between Damen and the Romanian government over the Mangalia shipyard escalated as insolvency proceedings were initiated. Damen, which took control in 2018, faced challenges due to industry downturn and government interference. The court aims to define a recovery strategy for the yard, once a thriving joint venture with Daewoo, now struggling in a competitive market.